10 Best Forex Brokers for Beginner Traders

For newcomers who are unfamiliar with the markets, forex trading might be scary. As a result, the first critical step for beginning forex traders is to ensure they choose the finest forex broker and platform.

To make it easier we have compiled a list containing some of the best forex brokers for beginners.

Khwezi Trade

khwezi trade

Khwezi Trade, a well-regulated South African online forex and CFD broker, was established in 2013 and provides a broad choice of tradable instruments using the sophisticated, popular MetaTrader 4 platform, which can be accessed over the web or downloaded to PCs and mobile devices.

Khwezi Trade provides a streamlined trading environment, incorporating the latest technology to ensure the best order execution, ensuring that traders’ orders are fulfilled with little slippage and at the best available pricing.

Khwezi Trade is a multi-award-winning broker that is regulated by the Financial Sector Conduct Authority, with multiple industry awards, including the Global Brands Magazine’s Best Broker in South Africa for 2019 and 2020. In addition, Khwezi Trade is a leader in the online trading industry that recently obtained an Over-the-Counter (OTC) license.

Khwezi Trade Pros and Cons


✔ Pros ❌ Cons
Trusted forex broker with regulation through the Financial Sector Conduct AuthorityNo crypto deposits accepted
Khwezi Trade is an industry-leading broker and is one of the first non-bank entity to receive OTC licensingThere are limited account base currency options
Khwezi Trade is an authorised FSP and ODP in South AfricaUS clients are not accepted
Traders are provided access to powerful trading technology
Competitive spreads are offered
There is a decent maximum leverage ratio offered

Khwezi Trade features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👍 FSCA
đŸ’ĩ Minimum deposit from💰 ZAR500
⚖ī¸ Average spread from👉 0,6 pips
📈 Commissions fromN/A
💸 Deposit/Withdrawal FeesN/A
⚖ī¸ Maximum Leverage⚖ī¸. 1:400
🤑 Bonuses👍 30%
❓ Customer SupportđŸĒ. 24/5

IG Markets

IG-Logo

IG is a well-established broker that has been in business since 1974, providing the finest trading conditions in the overall market to over 200,000 traders from all over the globe. Through innovative and user-friendly trading systems, South African traders may trade over 17,000 different tradable instruments.

IG’s pricing structure is straightforward, with no hidden costs, and traders can be certain that they are receiving the best available prices and consistent transaction execution speeds. Beginner traders, as well as pros and institutional investors, are all welcome at IG.

IG Markets Pros and Cons


✔ Pros ❌ Cons
Powerful and user-friendly trading platforms providedInactivity fees are applied to dormant accounts
Tight spreads and low commissions offeredThere is a high minimum deposit requirement
Multi-regulated and trusted broker
Withdrawal and deposits are free
FIX API DMA trading supported
Offers Islamic Accounts

IG Markets features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FCA
đŸ’ĩ. Minimum deposit from💰 R4 000 ZAR
⚖ī¸ Average spread from👉 0.6 pips
📈 Commission📈 No
💸 Deposit/Withdrawal Fees🙅 No
⚖ī¸ Maximum Leverage⚖ī¸ 1:50
🤑 Bonuses💰 No
❓ Customer SupportđŸĒ 24/5

Plus500

Plus500-Logo

Plus500 is a well-known broker that provides traders from all over the globe with access to more than 2,000 different trading products including metals, commodities, options, ETFs, foreign currency, and more.

Plus500 enables traders to trade using contracts for difference (CFDs), which allows them to speculate on price changes and trade long and short positions without having to hold the underlying asset.

Since 2008, Plus500 has provided complete trading services and is a member of the FTSE 250 Index, which is traded on the London Stock Exchange’s Main Market for Listed Companies.

Plus500 Pros and Cons


✔ī¸ Pros❌ Cons
Commission-free trading is offered across the range of assets that can be tradedFixed spreads are not offered
The broker provides market news and in-depth insight into market conditionsThere is an inactivity fee charged on dormant accounts
Offers more than 2,000 tradable instruments that can be traded using any type of trading strategy
Provides a range of funding options including bank transfer, credit cards, debit cards, and others
Offers flexible trading conditions and a powerful proprietary trading platform and mobile trading app

Plus500 features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👍 FCA, ASIC
đŸ’ĩ Minimum deposit from💰 ZAR/ R1600
⚖ī¸ Average spread from👉 0,8 pips
📈 Commissions fromN/A
💸 Deposit/Withdrawal FeesN/A
⚖ī¸ Maximum Leverage⚖ī¸. 1:300
🤑 Bonuses👍 25EUR / ZAR R420
❓ Customer SupportđŸĒ. 24/7

AvaTrade

Avatrade-Logo

AvaTrade is one of the industry’s leading online brokers, offering over 1,250 financial products across a variety of asset classes including forex major currencies, minor pairs, and exotic currency pairs along with commodities, precious metals, options, and several others.

Although AvaTrade only offers one retail account and one professional account, both types of accounts are packed with a variety of versatile, dynamic features that appeal to both novice and professional traders.

AvaTrade also provides traders with a variety of trading options, instructional resources, trading tools, and a flexible, creative desktop platform.

AvaTrade Pros and Cons


✔ PROS❌ CONS
Broad range of tradable instrumentsHigh EURUSD and inactivity fees
MetaTrader 4 and 5 available
Excellent educational resources

AvaTrade features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 Central Bank of Ireland, MiFID, ASiC, BVI
đŸ’ĩ. Minimum deposit from💰 $100
⚖ī¸ Average spread from👉 0.9 pips
📈 Commissions from📈 No commission on Forex
💸 Deposit/Withdrawal Fees🙅. None
⚖ī¸ Maximum Leverage⚖ī¸ 1:400
🤑 Bonuses💰 First Deposit Bonus
❓ Customer SupportđŸĒ 24/5 – multilingual

Alpari

Alpari-Logo

Alpari, which was founded in 1998, is an internationally recognized, well-established, and well-regulated broker with a customer base of more than 2 million customers from over 150 countries. Alpari provides a wide choice of FX and CFD products, as well as narrow typical spreads, rapid execution, and innovative trading technology.

Alpari provides a secure, fair, and transparent trading environment for beginner and advanced traders. In addition, the broker has received several international industry awards, demonstrating that its brand and services are trustworthy.

Alpari Pros and Cons


✔ Pros ❌ Cons
The minimum deposits required are ultra-low and competitiveLimited range of assets offered
There are low commissions on forex trading
High maximum leverage offered as well as tight average spread
Provides a choice between powerful trading platforms
Offers ZAR trading standard accounts
Offers dedicated customer service

Alpari features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FSCM
đŸ’ĩ. Minimum deposit from💰 $100 / 1 600 ZAR
⚖ī¸ Average spread from👉 0.9 pips
📈 Commissions from📈 Yes
💸 Deposit/Withdrawal Fees🙅 Yes
⚖ī¸ Maximum Leverage⚖ī¸ 1:400
🤑 Bonuses💰 Yes
❓ Customer SupportđŸĒ 24/5

Axi

Kwezi-Brokers-Logo-New

Axi was founded in 2007 and it is one of the best online forex brokers that accept traders from around the world despite their experience level, trading skill, or prior trading knowledge.

Retail traders in over 150 countries may use Axi’s services and solutions, which include narrow typical spreads, low slippage, reliable transaction execution, and multilingual customer care.

Beginner traders can expect to participate in global markets in a safe, highly regulated, and transparent trading environment with Axi, knowing that their best interests are always prioritized.

Axi Pros and Cons


✔ Pros ❌ Cons
No withdrawal/deposit fees24/5 customer service
Low forex feesResearch tools somewhat limited
Fully digital account opening or activationForex and CFDs trading only

Axi features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FCA, ASIC, DFSA
đŸ’ĩ. Minimum deposit from💰 $0 / 0 ZAR
⚖ī¸ Average spread from👉 1.24
📈 Commission📈 No
💸 Deposit/Withdrawal Fees🙅 No
⚖ī¸ Maximum Leverage⚖ī¸ 1:400
🤑 Bonuses💰 Yes
❓ Customer SupportđŸĒ 24/5

Trading 212

trading 212 broker logo

Trading 212 is a well-regulated broker and comprehensive forex trading platform that has been in business since 2006. Trading 212 is well-known for its diverse range of tradable assets that are spread across many financial marketplaces, providing advanced traders with true versatility and diversification.

Trading 212’s top-rated mobile trading app is available for both iOS and Android smartphones and is appropriate for both beginners and pros. The Trading 212 forex trading app has more than 40,000 user reviews and a high rating on both the App Store and Google Play, with over 14 million downloads.

Trading 212 Pros and Cons


✔ Pros ❌ Cons
Intuitive and user-friendly proprietary trading platform suppliedMetaTrader platforms are not supported
Low minimum deposit requirementIslamic Accounts are not offered to Muslim
Flexible funding options supported
Thousands of tradable instruments are available across different global financial markets
Well-regulated and safe broker offering trading for beginners

Trading 212 features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FCA
đŸ’ĩ. Minimum deposit from💰 $0 / 0 ZAR
⚖ī¸ Average spread from👉 1.9 pips
📈 Commissions from📈 None
💸 Deposit/Withdrawal Fees🙅. None
⚖ī¸ Maximum Leverage⚖ī¸ 1:500
🤑 Bonuses💰 Yes
❓ Customer SupportđŸĒ 24/7

FXTM

FXTM-Logo

FXTM was founded in 2011 and is one of the best international brokers that offer over 250 financial products that can be traded ranging from major forex pairs, commodities, minor currencies, stocks, indices, precious metals, CFD trading, and more.

FXTM is highly rated for its low trading commissions and user-friendly trading platforms that work on mobile, desktop, and different web browsers.

FXTM provides beginner traders with a wide range of training resources, trading tools, and a choice of flexible and dynamic account types, each with custom-tailored conditions for each forex trader.

FXTM Pros and Cons


✔ Pros ❌ Cons
Offers more than 250 financial instrumentsInactivity fees charged on dormant accounts
Offers a choice between retail investment accounts
Commission-free trading options are offered
Requires a low minimum deposit
Dedicated and multilingual customer support offered
Perfect broker for beginners

FXTM features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 CySEC, FCA, FSC, FSCA
đŸ’ĩ. Minimum deposit from💰 $10 / 160 ZAR
⚖ī¸ Average spread from👉 0.1 pips
📈 Commissions from📈 No commission on Forex
💸 Deposit/Withdrawal Fees🙅. Deposit fees no, withdrawal fees yes
⚖ī¸ Maximum Leverage⚖ī¸ 1:2000
🤑 Bonuses💰 Yes
❓ Customer SupportđŸĒ 24/5

Markets.com

Marketscom-Logo

Markets.com is a reputable broker that offers a diverse choice of markets spanning across a variety of asset classes. Markets.com has an impressive user base consisting of more than 5 million registered traders with annual trading volumes in the hundreds of billions of dollars.

Markets.com has been named one of the Best Trading Platforms in the past few years for providing traders with user-friendly, versatile, and robust trading platforms.

Markets.com provides comprehensive educational tools, dedicated customer service in many languages, and a variety of sophisticated research tools to help traders gain a competitive advantage.

Markets.com Pros and Cons


✔ī¸ Pros❌ Cons
Markets.com is a broker with a high trust score that offers ZAR as the base currency and deposit currencyA high minimum deposit is required when traders register a live account with Markets.com
User-friendly trading technology supported with a proprietary mobile appAn inactivity fee is charged on dormant accounts
A tight average spread is offered on forex major pairs
Commission-free trading is provided
There are no deposit fees or withdrawal fees charged
Caters for all trading styles and trading strategies

Markets.com features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FSCA
đŸ’ĩ Minimum deposit from💰 $100 / ZAR R1 600
⚖ī¸ Average spread from👉 1.9 pips
📈 Commissions from📈 $0 / ZAR R0
💸 Deposit/Withdrawal Fees🙅 None
⚖ī¸ Maximum Leverage⚖ī¸ 1:300
🤑 Bonuses💰 Yes
❓ Customer SupportđŸĒ 24/7

FxPro

FXPro-Logo

FxPro, a respected UK-based NDD broker, was founded in 2006 and is licensed and overseen by the Financial Conduct Authority, CySEC, Financial Sector Conduct Authority, and SCB to operate in 173 countries, subsequently accommodating over 1.3 million customers.

FxPro has over 260 traded instruments, and because of its NDD execution policy, traders can expect some of the finest pricing via Quotix, FxPro’s proprietary aggregator that gathers quotes from over 12 different liquidity providers such as central banks, hedge funds, and other financial institutions.

In the last 15 years, FxPro has received more than 75 industry awards and has established a solid reputation as a reliable broker that prioritizes the needs of its clients.

FxPro Pros and Cons


✔ī¸ Pros❌ Cons
Mobile trading platform offered for Android and iOS mobile tradersManaged accounts are not available
VPS is provided through Beeksfx to ensure that active traders remain connected to financial marketsSocial trading opportunities are not provided ye
FxPro applies an NDD execution policy and model to ensure accurate and competitive pricing
Expert analysis is provided by Trading Central and there is an economic calendar that traders can use to keep an eye on economic events
Premium trader tools and a range of educational materials offered

FxPro features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FSCA, CySEC
đŸ’ĩ Minimum deposit from💰 $100 / ZAR R1600
⚖ī¸ Average spread from👉 0.37 pips
📈 Commissions from📈 $45 / ZAR R720 per million USD traded
💸. Deposit/Withdrawal Fees🙅 None
⚖ī¸ Maximum Leverage⚖ī¸ 1:30
🤑 Bonuses💰 N/A
❓ Customer SupportđŸĒ 24/7

Frequently Asked Questions

Several brokers offer the ideal trading environment for beginner forex traders but the ten on this list are considered the best beginner-friendly forex brokers.

Beginner forex traders must consider the broker regulation, educational materials, client services, and the provision of virtual trading that offers enough virtual funds which are preloaded.

Regulation and authorisation with a known and trusted market regulator, the provision of a free demo account for virtual trading which has virtual funds, a reasonable minimum deposit requirement, adequate educational material, and excellent customer service.

Beginner brokers are focused on novices and provide them with the tools and resources they need to start trading in the forex market.

Professional brokers provide their more experienced clients with advanced trading tools and comprehensive trading solutions to refine their trading skills to become profitable traders.

The first is to start learning about forex and how the market works by accessing educational materials, e-books, tutorial articles, online courses, and several others.

The next step is to start practising trading in a virtual environment where real money is not at risk. Once you start trading, control your position sizes, use risk management tools, and follow a solid trading plan.

Further reading:

7 Best Forex Brokers in South Africa with Sign-Up Bonus

10 Best Forex Brokers in SA with ZAR Deposits

11 Best Forex Brokers in South Africa with Demo Accounts

11 Best Forex Brokers in South Africa with MetaTrader 4

Did you know that Nigeria is Africa’s fastest-growing trading segment.

Recommended Posts